Citius Pharmaceuticals Inc. finalized the merger of its wholly owned oncology subsidiary with New York-based special purpose acquisition company TenX Keane Acquisition, the firm announced Aug. 12. 

The companies unveiled plans for the approximately $675 million deal in October 2023. The most recent update came earlier this month, when Citius said TenX Keane shareholders approved the union. 

The newly combined public company, now called Citius Oncology Inc., began trading on the Nasdaq Global Select Market on Aug. 13, under the ticker CTOR. 

Pipeline progress

In another big move just days before the merger close, Citius announced Aug. 8 that it received approval from the U.S. Food and Drug Administration for LYMPHIR – a treatment for cutaneous T-cell lymphoma, a rare form of non-Hodgkin lymphoma. 

“We believe [the merger] will allow us to unlock the value of LYMPHIR, and solidly position Citius Pharma to advance our diversified pipeline,” chairman and CEO of Citius Pharma Leonard Mazur said in October. “This transaction will enable Citius Oncology, with access to the broader capital markets, to better support the successful commercialization of LYMPHIR, if approved, and explore additional potential targeted oncology therapies.” 

Mazur also serves as CEO of the new company. 

LYMPHIR previously had been referred to as I/ONTAK, a Citius representative confirmed to NJBIZ in the fall. In May 2022, the company announced plans to split and spin off this treatment into a privately traded company.

Additionally, the company also reiterated that, in May, it achieved primary and secondary endpoints in its Phase 3 pivotal trial of Mino-Lok, which is designed to treat patients with catheter-related bloodstream infections by salvaging central venous catheters and avoiding the need to remove and replace the infected device. 

“We continued to achieve multiple value-driving milestones during and since the end of the quarter,” Mazur said Aug. 12. “Last week, LYMPHIR was approved by the FDA for the treatment of a rare and incurable cancer. This is the first FDA-approved product in our portfolio and paves the way for Citius Oncology to transition from a development stage company to a commercial biopharmaceutical organization.”  

Financial highlights 

As of June 30, Cranford-based Citius Pharma reported it had $17.9 million in cash and cash equivalents, adding, “we expect to have sufficient funds to continue our operations through December 2024. We expect to identify additional sources of capital in the future to support our operations beyond December 2024.” 

Mazur added that the company “secured $15 million in additional funding to extend our runway.” 

Net loss was $10.6 million and $28.7 million, or $0.06 and $0.17 per share for the three and nine months ended June 30, 2024, respectively, compared to a net loss of $8.5 million and $22.6 million, or $0.06 and $0.15 per share for the three and nine months ended June 30, 2023, respectively.